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Tag Archives: CalPERS

CalPERS Surveys Employee Toilet Paper Preferences as Underfunding Worsens

CalPERS CEO Marcie Frost has stopped presenting the giant pension’s current funding level at monthly board meetings. And instead of keeping her eye firmly on that as CalPERS’ top priority, Frost is famously obsessed with surveys and polls as a means to preserve her hold on power, so she can better tell people what they want to hear. As we’ll see shortly, this polling fetish has produced another burgundy-level affair (for those of you who managed to miss it, in a not-organic looking...

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Wall Street Journal Story Confirms That CalPERS Plans to Overpay Grossly in Its New Private Equity Scheme

We had hoped to leave CalPERS alone for a bit, but a new Wall Street Journal story confirms a post we published earlier this month. We discussed how the fees for its private equity scheme that CalPERS presented to the board as if it were a great deal are in fact so high as to amount to a roughly $80 million payday, per new fund, per year, for the fund owner(s). It was alarming to see the architect of the private equity plan, John Cole, so badly mislead the CalPERS board. It says he is either...

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Los Angeles Times Barks Up the Wrong Tree With CalPERS/American Media Inc.(National Enquirer) Story

It is really disheartening, with all of the bona fide scandals cooking at CalPERS, to see the Los Angeles Times devote serious reporting horsepower to a nothingburger: the fact that CalPERS has a stake in a hedge fund, which CalPERS has been trying to exit for years but hasn’t finished the process, that held a big stake in American Media Inc. and where CalPERS almost certainly still holds an interest. Yes, THAT American Media: owner of National Enquirer, the taker of Stormy Daniels hush...

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CalPERS Election Vendor Votem on Verge of Failure Just as CalPERS Board About to Approve “Business as Usual” Election Notice

CalPERS CEO Marcie Frost looks to have set up the board for a huge embarrassment. Indeed, this post is doing her a favor of sorts, since the organization will have the chance to abort the approval of election notice for the upcoming board elections that was set to be approved tomorrow. The election notice calls for CalPERS to provide online, phone, and Internet voting, when CalPERS’ Internet election vendor Votem, has fired nearly all its staff, including the ones promised to work on its...

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CalPERS Chief Investment Officer Ben Meng Lied About Private Equity to State Senator Dr. Richard Pan at Joint Pension Committee Hearing

CalPERS continues to tell blatant lies as if it thinks no one is paying attention. As we’ll show below, CalPERS’ Chief Investment Officer Ben Meng lied repeatedly in response to a question by a state senator, Dr. Richard Pan, both in terms of Meng’s actual statements as well as the implications Meng tried successfully to convey to Senator Pan. It had been our intention to refrain from criticism of Meng for a while – he joined CalPERS just six weeks ago and could be excused for the ordinary...

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CalPERS’ Management Continues to Lie to Its Board and Beneficiaries About Its Private Equity Scheme

CalPERS seems determined to make lying a central part of its brand image. On Tuesday at its Investment Committee meeting, CalPERS management is set to make yet more claims about the supposed advantages of its new private equity scheme. We will demonstrate that not only are many of these assertions false, but on top of that, CalPERS management has also told some significant lies of omission. In addition, CalPERS keeps changing its story on key issues like how its funds will be set up. At...

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Even More on “Is CalPERS Private Equity Architect John Cole So Clueless He Doesn’t Know He’s Lying?”

This is our third post in a series examining a single presentation to the CalPERS board by John Cole, the senior manager tasked with re-structuring the pension fund’s private equity program. Here are the earlier posts: Is CalPERS Private Equity Architect John Cole So Clueless He Doesn’t Know He’s Lying? and the second, More on “Is CalPERS Private Equity Architect John Cole So Clueless He Doesn’t Know He’s Lying?” Cole’s presentation caught our attention for its astonishing combination of...

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More on “Is CalPERS Private Equity Architect John Cole So Clueless He Doesn’t Know He’s Lying?”

Earlier this week, we described how CalPERS’ John Cole, who has been leading the development of the giant fund’s new private equity scheme, tried selling the board on the idea that they were getting a great deal when the terms he presented show that Cole and CalPERS are about to be taken for a costly ride. As regular readers may recall, the centerpiece of the new private equity scheme is that CalPERS will set up and (at least initially) provide all of the investment capital for two new...

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Is CalPERS Private Equity Architect John Cole So Clueless He Doesn’t Know He’s Lying?

Today, we’ll turn to a presentation last December by CalPERS’ John Cole, who has been serving as the lead executive on CalPERS “new private equity model”. Cole unintentionally provides so much evidence that he, and by extension CalPERS, are either hopelessly out of their depth or repeatedly lying to the board and general public that we’ll have to spend more than one post dissecting Cole’s troubling claims. This post will focus on how Cole acknowledged that CalPERS intends to pour $100...

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Private Equity Expert Dr. Ashby Monk Repudiates CalPERS CEO Marcie Frost’s Private Equity Scheme During and Immediately After Presentation at CalPERS

CalPERS is having trouble getting anyone reputable to endorse its unorthodox, risky private equity scheme. the centerpiece of which is to create and fund two new large fund managers that would be completely unaccountable to CalPERS. The idea should have died a long time ago, but CEO Marcie Frost is still desperate to get it done, despite staff members admitting in a November board meeting that CalPERS’ newfangled companies would have higher costs in the early years and would also generate...

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